Toyota New Zealand reached record sales, with revenue hitting $1.4bn

The Japanese car manufacturer, Toyota, hit a record amount of sales in New Zealand the financial year ending March.

Toyota New Zealand sold 42,581 new and used vehicles during the 2017/18 financial year.

The company reached its highest ever revenue in the most recent financial year, amounting to NZD$1.4bn (US$963mn).

In the previous year, the firm’s revenues totalled NZD$1.2bn (US$825.4mn), the New Zealand Herald reported.

In the review period, Toyota’s profit rose from NZD$21.7mn (US$14.9mn) to NZD$21.9mn (US$15mn).

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“The New Zealand economy continues to perform strongly on the back of healthy agricultural exports, record immigration, growing tourism and a construction sector buoyed by both post-earthquake rebuilds and high levels of housing demand,” the firm’s 2018 annual report read.

“Consequently, the vehicle markets have been strong, setting new records for both new vehicle sales and used vehicle transactions,” it continued.

Toyota’s success is due a rise in demand for vehicles in New Zealand, which is anticipated to be linked a healthy economy.

According to the firm, whilst business confidence was knocked following the governmental changes, retail consumer demand has remained strong.